Title: General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Kentucky Christian University (the University). The University’s reporting entity is defined in Note 1 to the University’s financial statements. All federal financial assistance was received directly from federal agencies. The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the University. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Federal Supplemental Educational Opportunity Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
The University administers a Federal Supplemental Educational Opportunity Grants Program (Assistance Listing, AL, No. 84.007) funded by the U.S. Department of Education. For the 2022-2023 award year, the U.S Department of Education granted the University a waiver of the non-federal share match requirement under the Federal Supplemental Educational Opportunity Grants Program, however, the University elected to provide a non-federal institutional share under this program. Total federal disbursements under the program for the year ended May 31, 2023 are as follows:
Institution Federal
Amount Amount Total
Student grants $ 24,758 $ 49,510 $ 74,268
Administrative cost allowance 0 0 0
$ 24,758 $ 49,510 $ 74,268
Title: Federal Direct Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
For the year ended May 31, 2023, the University processed $3,223,050 of new loans under the Federal Direct Student Loans Program (AL No. 84.268) (which includes Stafford Loans, subsidized and unsubsidized, and Parents' Loans for Undergraduate Students). The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program, and accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the University under the program at May 31, 2023.
Title: Federal Work-Study Program
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
The University administers a Federal Work-Study Program (AL No. 84.033) funded by the U.S. Department of Education. For the 2022-2023 award year, the U.S. Department of Education granted the University a waiver of the non-federal share match requirement under the Federal Work-Study Program. Total disbursements under the program, including the non-federal institutional share amount the University was not obligated to provide, for the year ended May 31, 2023 are as follows:
Institution Federal
Amount Amount Total
Earned compensation $ 0 $ 207,098 $ 207,098
Administrative cost allowance 0 13,663 13,663
$ 0 $ 220,761 $ 220,761
Title: Federal Perkins Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
The University administers a Federal Perkins Loans Program (AL No. 84.038) funded by the U.S. Department of Education. Loan outstanding at the beginning of the year, Administrative Cost Allowance, and loans made during the year are included in the federal expenditures in the Schedule. At May 31, 2023, the cash and investments balances in the program totaled $60,708. At May 31, 2023, the loans receivable balance under the program was $161,522. Total disbursements under the program for the year ended May 31, 2023 are as follows:
Amount
Loans outstanding, June 1, 2022 $ 272,205
Title: Federal Pell Grant Program
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
The University administers a Federal Pell Grant Program (AL No. 84.063) funded by the U.S. Department of Education. Total disbursements under the program for the year May 31, 2023 are as follows:
Amount
Student grants $ 1,056,663
Administrative cost allowance 1,120
$ 1,057,783